Payment Data Systems (OTCBB:PYDS), an integrated electronic payments solutions provider, today announced the financial results for year ended December 31, 2009. Revenues for the year ended December 31, 2009 increased 7% to $3,218,674 from $3,001,487 in 2008. The increase of $217,187 was primarily due to increased card-based processing revenue from increased transaction volume. Operating loss improved by 46% to $941,670 for 2009 from $1,690,300 in 2008. Net loss for the year ended December 31, 2009 decreased to $803,526 from $944,617 in 2008, but the net loss for 2009 was $267,326 after adding back noncash stock-based compensation expenses of $536,200. Highlights for the year ended December 31, 2009:
About Payment Data Systems, Inc.Payment Data Systems is an integrated payment solutions provider to merchants and billers. The organization provides an extensive set of products to deliver world-class payment acceptance. Payment Data has solutions for merchants, billers, banks, service bureaus and card issuers. The strength of the company is its ability to offer specifically tailored solutions for card issuance, payment acceptance and bill payments. For additional information, visit www.paymentdata.com. Contact Michael Long for Investor Relations information at 210-249-4040 or email at firstname.lastname@example.org. Website: http://www.paymentdata.com Find us on Facebook® FORWARD-LOOKING STATEMENTS DISCLAIMER: Except for the historical information contained herein, the matters discussed in this release include certain forward-looking statements, which are intended to be covered by safe harbors. Those statements include, but may not be limited to, all statements regarding our and management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, the factors detailed from time to time in our filings with the Securities and Exchange Commission. One or more of these factors have affected, and in the future could affect our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. We believe that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements, except as required by law.